The Central Bank of Nigeria (CBN) has issued comprehensive guidelines for the sale of foreign exchange (FX) to Bureaux De Change (BDCs). Authorized dealers can sell foreign exchange cash to BDCs, with a weekly limit of USD 25,000.00 per BDC. The selling rate must be the prevailing daily rate at the NFEM window, and BDCs can sell to end-users at a rate not exceeding one percent above the buying rate.
The Central Bank of Nigeria ( CBN ) has released detailed guidelines for the sale of foreign exchange (FX) to Bureaux De Change (BDC) operators. These guidelines, announced by the CBN 's Trade and Exchange Department on Wednesday, follow the bank's earlier authorization granting temporary access to existing BDCs in the Nigerian Foreign Exchange Market ( NFEM ) to purchase FX from authorized dealers.
The CBN clarified that authorized dealers are permitted to sell only foreign exchange cash to BDCs, with a weekly limit of USD 25,000.00 per BDC. Any violation of this restriction will result in appropriate sanctions imposed by the bank. The apex bank emphasized that the selling rate by authorized dealers to BDCs must adhere to the prevailing daily rate at the NFEM window. Furthermore, the CBN stated that foreign exchange cash purchased by BDCs from authorized dealer banks must be sold to end-users at a rate not exceeding one percent above the buying rate. This one percent margin applies to all funds retailed by BDCs, irrespective of the source
CBN FOREIGN EXCHANGE Bdcs NIGERIA NFEM
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